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Ratings Roundup: European Structured Finance Downgrades Increase In Q4 2010 As Credit Performance Worsens Feb 11 Product Image

Ratings Roundup: European Structured Finance Downgrades Increase In Q4 2010 As Credit Performance Worsens Feb 11

  • Published: February 2011
  • Standard & Poors

Abstract
In Q4 2010, credit fundamentals affecting European securitizations were marked by continued uncertainty regarding the strength and sustainability of the economic recovery, as well as by further shocks related to sovereign creditworthiness. Compared with the previous quarter, credit performance in European structured finance deteriorated slightly in Q4, indicated by a small increase in the number of downgrades. Standard & Poor's Ratings Services took 529 rating actions in the quarter, comprising 388 downgrades and 141 upgrades. This compares with 352 downgrades and 157 upgrades in Q3. Looking ahead, we believe that collateral performance is likely to continue differing significantly across asset classes and countries. Beyond collateral performance, revised counterparty criteria could have a significant effect on European structured finance ratings migration...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors READ MORE >

Punch Taverns Finance PLC,Punch Taverns Finance B Ltd.,Artesian Finance PLC,Artesian Finance II PLC,Sestante Finance S.r.l.,SAGRES Sociedade de Titularizacao de Creditos, S.A.,Residential Mortgage Securities 18 PLC,BBVA Autos 1 Fondo de Titulizacion de Activos,Residential Mortgage Securities 19 PLC,DECO Series 2005-UK Conduit 1 PLC,BELLATRIX (ECLIPSE 2005-2) PLC,BBVA-4 PYME Fondo de Titulizacion de Activos,Pharma Finance 2 S.r.l.,Celtic Residential Irish Mortgage Securitisation No. 9 PLC,TDA 24, Fondo de Titulizacion de Activos,DRACO (ECLIPSE 2005-4) PLC,Perseus (European Loan Conduit No. 22) PLC,Artesian Finance III PLC,Titan Europe 2006-1 PLC,RMAC Securities No. 1 PLC,Titan Europe 2006-2 PLC,Fastnet Securities 2 PLC,Empresas Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos,Celtic Residential Irish Mortgage Securitisation No. 10 PLC,PULS CDO 2006-1 PLC,Fondo de Titulizacion de Activos UCI 16,BBVA-5 FTPYME Fondo de Titulizacion de Activos,Lusitano SME No. 1 PLC,Celtic Residential Irish Mortgage Securitisation No. 11 PLC,Vita Capital III Ltd.,TDA 27, Fondo de Titulizacion de Activos,FTPYME TDA CAM 4, Fondo de Titulizacion de Activos,Titan Europe 2006-5 PLC,Cornerstone Titan 2007-1 PLC,Hipocat 11, Fondo de Titulizacion de Activos,DECO 14 - Pan Europe 5 B.V.,Fondo de Titulizacion de Activos UCI 17,Talisman-7 Finance Ltd.,BBVA-6 FTPYME Fondo de Titulizacion de Activos,Posillipo Finance II S.r.l.,Titan Europe 2007-3 Ltd.,Channel Link Enterprises Finance PLC,EMPRESAS HIPOTECARIO TDA CAM 5, Fondo de Titulizacion de Activos,BBVA Empresas 1, Fondo de Titulizacion de Activos,Avondale Securities S.A.,Eurohome (Italy) Mortgages S.r.l.,Fastnet Securities 3 Ltd.,BBVA-7 FTGENCAT Fondo de Titulizacion de Activos,EMF-UK 2008-1 PLC,PROMISE-I Mobility 2008-1 GmbH,Excalibur Funding No. 1 PLC,BBVA-8 FTPYME Fondo de Titulizacion de Activos,Fondo de Titulizacion de Activos Santander Empresas 7

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